Loss of Profit Sharing Funds

The company I worked for (3 years) had a great last year. Their fiscal year ended on the 30th of September, 2008. On the 27th of this month, October, the beginning of their new fiscal year, I was 'laid-off' due to a "lack of work". I was paid my unused vacation time from last year but denied any profit sharing funds from last year being told, "you have to be employed by the company WHEN the checks are issued, which is as a rule in December. My feeling is, I could really use that profit sharing check and why when I worked a full fiscal year prior to lay-off, being paid unused vacation time from last year am I not entitled to the profit sharing I contributed to? Is my past employer in the right or do I have a right to persue this matter legally?

Thank you

[Bricks41]

In most profit sharing plans, it spells out these types of situations. Even in most bonus programs, it will state that a person must be employed at the time checks are cut. You would have to check the plan details for your answer.

There is no "formal plan". Even my employee handbook states nothing. The funds are given out just before Christmas as a type of "Christmas Bonus" but it comes from the profit made by the company that fiscal year. Since I was employed through the end of the fiscal year, it certainly has me questioning.

no formal plan and no contract usually means it is completely discretionary

So is Vacation Pay which I received. We're talking about 12-1400.oo dollars here, simply a benifit that was verbal. But why get one and not the other?